Poster Plakat A Collection of Posters from the Soviet Union and its Satellite Nations

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Financial Publishing House

Financial Publishing House was the publication arm of the People's Commissariat of Finance (Narkomfin). Narkomfin was created in 1923 and its structure was based on the People's Commissariat of Finance of the RSFSR (Russian Soviet Federative Socialist Republic) that had been in existence since 1917.

When the Bolsheviks seized power in Russia in 1917 immediate action was taken against the banking system. In November 1917 the Russian State Bank was dissolved and a “People's Bank” was developed in its place. The Imperial Credit Chancellery and the Department of the State Treasury became part of People's Bank. In December 1917, the Nobles’ Land Bank and the Peasants’ Land Bank were closed and by January 1918, state loans and foreign loans were terminated. Private insurance was also abolished and the firms were placed under State control. By December 1918, joint-stock land banks, mutual credit agencies and public (city) banks were shuttered along with the eradication of municipal and regional credit societies. In addition, foreign banks were dissolved and the Russian Central Cooperative (A.K.A. Moscow People’s Bank) was nationalized. By 1919, total nationalization of the financial system was complete.

Sources & Citations

Zwass, A., & Vale, M. C. (1979). Money, banking & credit in the Soviet Union & Eastern Europe. London: Macmillan.
Baykov, A. (1947). The Development of the Soviet Economic System: An Essay on the Experience of Planning in the U.S.S.R. New York.
Bee, Elel. "The Russian Cooperatives and the Soviets." Soviet Russia Pictorial. Volume 2, Issue 17, 1920, PP. 407-411.